Stock

Estee Lauder withdraws annual forecasts, cuts dividend

Published

(Reuters) -Estee Lauder pulled back its 2025 sales and profit forecasts on Thursday, as the MAC lipstick maker struggles with weak demand for luxury beauty products in big markets such as China.

Shares of the company that on Wednesday named insider Stephane de La Faverie as CEO to revamp its business tumbled 15% in premarket trading after it also decided to reduce dividend payout.

“We anticipate still-strong declines near-term for the industry in China and Asia travel retail,” outgoing CEO Fabrizio Freda said. The new CEO will take charge on Jan. 1.

Sales in Estee’s Asia Pacific region fell 11%. The beauty sector has seen a slowdown in demand in China over the last year as customers shun purchases of “affordable luxuries” such as lipsticks and skincare.

Estee declared a quarterly dividend of 35 cents per share, payable in cash on Dec. 16 to stockholders as of Nov. 29.

This post appeared first on investing.com

In this article:

You May Also Like

Editor's Pick

How voters view Vance and Walz, in detail

Sen. JD Vance (R-Ohio) and Minnesota Gov. Tim Walz (D) will face off Tuesday night at a CBS News vice-presidential debate in New York....

October 1, 2024

Latest News

A North Korean defector who struggled in South Korea stole a bus and tried to drive across the border, police say

A North Korean defector who escaped to the South more than a decade ago was detained after attempting to cross back into North Korea...

October 3, 2024

Economy

Hamas leader killed in Lebanon was UN employee, agency confirms

A U.N. human rights group confirmed Hamas’ leader in Lebanon, who was recently killed by Israeli strikes, was their employee.  Fateh Sherif was killed...

September 30, 2024

Investing

Astron, Energy Fuels Form Joint Venture for Donald Rare Earths and Mineral Sands Project

Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) have completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands...

September 27, 2024

Disclaimer: balanceandcharge.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 balanceandcharge.com

Exit mobile version